Kirloskar Ferrous Industries zoomed 7.01% to Rs 199.85 after the Competition Commission of India (CCI) approved the company's proposed acquisition of a majority stake in ISMT.
In November last year, Kirloskar Ferrous Industries (KFIL) said that it will acquire a majority stake in Indian Seamless Metal Tubes (ISMT) by subscribing to its equity shares through a preferential allotment and gain sole control over ISMT.
ISMT is the largest integrated specialized seamless tube manufacturer in India. It is one of the most diversified manufacturers of specialized seamless tubes in the world, producing tubes in the range of 6 to 273 mm diameter. The company has alloy Steel plant in India that produces a wide range of alloy steels from 20 to 225 mm diameter. Their specialized teams provide end to end solutions to industry-specific customers.
Kirloskar Ferrous Industries is a leading pig iron manufacturer in India and producer of grey iron castings.
The company's standalone net profit declined 31.18% to Rs 81.43 crore in the quarter ended December 2021 as against Rs 118.32 crore during the previous quarter ended December 2020. Sales rose 58.14% YoY to Rs 933.20 crore in Q3 FY22.
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